In The Garden State, New Jerseyans are fortunate with the beauty that their state has to offer. From the fun of Atlantic City and the Boardwalk down to Cape May and back up to High Point State Park, there is so much to see and explore.
The item that most do not think about is who will pay for their final arrangements once they are gone, this can be a major cost for family members to come up with at a time of grieving and reflection.
Funeral costs can range over a wide variety of price points depending on many factors.
The average traditional burial service in New Jersey is $8,009
The average traditional cremation service in NJ is $6,448
Not included in the price estimates:
- Cost of Headstone, Monument, or Marker
- Cemetery Property, Plot of Land, Columbarium, etc.
Fortunately, the simple and stressless product of final expense insurance can help.
New Jersey Final Expense Insurance
The average age at death in the state is 78.2 for males and 82.5 for females.
This is longer than the national average life span.
- Males 76.1
- Females 81.1
Listed below are the top 10 leading causes of death in the state.
- Heart Disease
- Chronic Lower Respiratory Disease
- Alzheimer’s Disease
- Kidney Disease
Everyone knows a friend family member or loved one who has been affected by one of these conditions.
You can take the steps today to learn about the product that makes funding final expenses simple and easy for the family members left behind.
14 Questions Of Interest
1. Final Expense Insurance: What is it?
This is a type of Whole Life coverage, meaning that it will have three main features.
Coverage never decreases: Your coverage amount will never go down, giving your beneficiary the maximum payout amount they are entitled to.
Price never increases: This is so important for seniors who are on a fixed income. You will be assured to have the same price after 30 years of the policy as in year 1.
Builds a cash value: For every payment made a portion goes into the cash value. This will allow you to borrow against the policy if you need funds to pay for something urgent.
2. What can the payout be used for?
There is not a specific set of rules or guidelines on how the beneficiary needs to spend the money. However, here is a list of the items that this tax-free payment is typically used for.
- Memorial/Celebration of Life
- Credit Cards
- Charity Donations
- Leaving an Inheritance
- Medical Bills
- Remaining Balance on a Mortgage
- Post-Mortem Expenses
- Remaining Car Loan Balances
- Legal Expenses
- Other End-of-Life Expenses
3. What is the difference between a Captive Agent and Independent Agent
The biggest difference between these two agent types is the number of companies each can represent.
Captive Agents: This type of agent is allowed to represent just one company. Meaning even if another carrier has lower prices or a better product, contractually that agent is not allowed to offer you a different product.
Independent Agents: This type of agent is allowed to represent as many companies as they choose. Meaning they can have a large toolbox with the right company to fit your unique situation.
4. What is the oldest age someone can receive coverage?
The standard age industry-wide is 85 years old. Although some carriers will only provide initial coverage up to the age of 75 and some will provide coverage until the age of 90.
5. How can I qualify?
The fastest and simplest way to qualify is to contact an independent agent like Willamette Life, however before you do that it is great to understand what the different types of products are.
There are four product types all designed for different health categories.
- Level: Great health
- Graded: Past health concerns
- Modified: More serious health concerns
- Guaranteed Issue: Chronic or terminal illnesses
An agent will be able to help find what plan type is right for you.
6. How fast does the money get sent to the beneficiary?
After the provider receives the death certificate and the claim is filed, the beneficiary will receive the payout typically within 5 business days.
7. What is a waiting period?
A waiting period is a time period that a carrier places on high-risk policies when it comes to paying out the coverage amount. If the insured were to pass away before the waiting period is over the beneficiary would receive a predetermined partial payout.
The waiting period is typically two years from the policy issue date and is stated during the application process.
8. How does someone qualify for first-day coverage?
The best way to find first-day coverage is to speak with an independent agent who represents multiple carriers. This will ensure you have the most options when finding coverage.
9. Which company has the best coverage?
Each carrier has specific health conditions they are willing to provide coverage to, there is not one plan that fits every situation. This means your agent needs to take a deep dive with you and find the best possible coverage and compare carriers.
10. Is this product worth the price?
This product is designed for seniors to be able to make an easy and affordable monthly payment, and in return, they are provided with peace of mind knowing that once they pass their end-of-life expenses will be covered financially.
11. Will Social Security pay for my final arrangments?
Social Security will award a maximum of $255 death benefit to the beneficiary. There are other hoops to jump through to receive this money and it should not be your game plan to cover the inevitable end-of-life expenses as they will far exceed this $255.
12. I have heard a few different names to describe this product: Is there a difference?
This product is often referred to by three different names. These three names are used by the providers as marketing names for the plan.
There is no difference between these three plan names.
13. Can I purchase a policy for a family member?
Yes, you can however there are a few things to note. Your family member will need to be involved in the application process by signing their name and also be healthy enough mentally to understand what they are agreeing to.
14. How do I get a quote?
The fastest way to receive a quote is by using our quote tool on this page.
For a detailed and personalized quote contact us directly, we will be able to show you the exact plan that is right for your medical history.
Call Willamette Life at 844-576-0019
a. When looking into New Jersey Final Expense Insurance you have many options to choose from.
The best plan for someone who is very healthy would be the Living Promise plan from Mutual of Omaha or the plan that Foresters Finacial offers.
b. Always speak with an independent agent who can check and compare multiple company’s prices against each other. Let your agent do the shopping for you.
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.